ECP EMERGING GROWTH LIMITED — Net Asset Value 2022

Feb 2, 2022

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ECP EMERGING GROWTH LIMITED

3 February 2022

The Manager Company Announcements Office ASX Ltd, Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

Net Tangible Assets (NTA) per share & Top 5 Investments – 31 January 2022

The unaudited NTA backing per share of the Company at 31 January 2022 was as follows:

	Beforeestimated tax onunrealised gains	Afterestimated tax onunrealised gains
at 31 January2022	154.5c	152.0c
at 31 December 2021	180.2c	170.0c

The NTA figures shown above are before and after the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long-term equity investor and does not intend to dispose of its total portfolio.

In January 2022 the NTA declined in value by 14.3%. This result is reflective of market sentiment represented by the ASX All Ordinaries Index which declined by 6.6% amid interest rate concerns and the Omicron wave of the COVID-19 pandemic.

The top five investments of the Company at 31 January 2022 were as follows:

Name of Company	Percentage of Total Portfolio
GQG Partners	7.5 %
HUB24 Limited	7.4 %
PWR Holdings Limited	7.0 %
Netwealth GroupLimited	6.6 %
Lovisa Holdings Limited	6.1 %
Total Top 5 Equity Investments	34.6 %

If you have any questions, please call the Company Secretary on 1800 352 474.

Yours sincerely

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Scott Barrett

Company Secretary

ECP EMERGING GROWTH LIMITED

Authorised for release by the Board.

Redefining Active Investing Suite 5 Level 3 343 George Street ecpam.com/emerging Sydney NSW 2000 Australia

Tel: 1800 352 474 Fax: +61 2 8651 6899

ABN: 30 167 689 821